hang web3powered 16m series paradigmmatneytechcrunch, a Web3-powered platform that fosters connections between brands and members, launched on Thursday. The company announced it had raised $16 million in a Series A funding round led by Paradigm. This news was reported by TechCrunch.
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Matt Smolin, Co-founder and CEO of Hang, stated that the raised capital would primarily be channeled into enhancing the product, engineering, and go-to-market teams. The aim is to expedite the platform’s operations and amplify its reach.
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The Hang platform empowers brand program managers to establish membership regulations, integrate benefits and rewards, and connect with various third-party services. Through the utilization of non-fungible tokens (NFTs), customer engagement is incentivized with exclusive rewards and perks.
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CEO Matt Smolin noted, “With the democratization of e-commerce infrastructure and recent privacy changes from Apple and Meta, the costs for brands to acquire and engage customers have notably increased.”
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He emphasized that Hang offers brands a solution to counter these rising acquisition costs and enhance the value of their existing user base. This is made possible by harnessing the unique advantages of NFT technology to redefine customer relationships, fostering shared incentives, reciprocity, and community engagement.
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hang web3powered 16m series paradigmmatneytechcrunch has already established collaborations with prominent entities such as Budweiser, Pinkberry, Bleacher Report, and Superfly, the organizers of the Outside Lands and Bonnaroo music festivals. These developments were reported by TechCrunch as Hang raises $16 million, with Paradigm as the lead investor.
